The Real Deal Miami

Construction magnate wants to sell his Miami home, or build you a new one

New home's price per square foot is cheaper by $818

March 22, 2016 05:00PM
By Sean Stewart-Muniz

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A rendering of the new home, left, and the existing home, right, at 790 Lake Road

A rendering of the new home, left, and the existing home, right, at 790 Lake Road

Luis Garcia is offering buyers two options for his waterfront Bay Point home in Miami: either pay $9.98 million for it as-is, or put down $15 million and he’ll build you a brand new one.

Garcia, president and CEO of Adonel Concrete, listed his home at 790 Lake Road this week under Ana Teresa Rodriguez of Coldwell Banker.

He bought the property four years ago for $1.9 million, county records show, and had planned to raze it in favor of a two-story modern mansion. But he decided to sell, according to the brokerage, and is now offering his vision to a potential buyer — should they want it. Each option has its own MLS number, so they’re essentially two totally different listings.

As it stands now, the property has a mid-century home measuring 3,458 square feet with three bedrooms, three bathrooms, a dock and a pool. It was also recently remodeled and boasts its own zen garden and mini-golf course, according to the listing.

Aerial view of the property

Aerial view of the property

Garcia, who owns the property through an LLC, is asking about $2,886 per square foot if a buyer wants the home as-is.

The new home, on the other hand, would be a contemporary two-story mansion with six bedrooms, five bathrooms and one half-bath. It would be one of the only homes in Bay Point with a rooftop terrace because of recently passed restrictions, according to the listing.

Measuring 7,252 square feet, the proposed home’s asking price breaks down to $2,068 — a deal compared to buying the existing property.

One of the property’s other big selling points is its location, the listing said. It’s at the mouth of Sabal Lake’s connection to Biscayne Bay, and with Morningside Park to its north, the home doesn’t have any neighbors across the street.

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